How the Price of Silver Is Moving Now

With the dollar at a 16-month high, it's not a complete surprise that silver has sold off so dramatically.

Time Is Almost Up: The greatest economic catastrophe is about to blindside investors – find out everything you need to know to weather this market storm. Click here now…

The Fed's November FOMC meeting produced a hawkish press release that drove traders to buy the dollar while selling precious metals.

The price of silver spent last week trending downward, starting at $14.70 and closing on Monday, Nov. 13 at $13.98. That meant all of its October gains evaporated in about two weeks, with the bulk of that in the latter half of last week.

The precious metal got lumped in with stocks, which suffered strong selling, especially in the last three trading days.

But it was mostly dollar strength that sent silver holders fleeing.

The DXY ran past 97 on Friday, then all the way to 97.7 by late Monday.

Here's how that price action looked:

But even with Tuesday's dip in the dollar, silver headed lower, in tune with gold as sentiment weighed heavily.

By the close of trading on Tuesday, silver had reached a low of $13.98, a level not seen since the very end of 2015.